Replacement Ship Advance definition

Replacement Ship Advance means an amount of up to the lesser of (a) $1,638,135.59 and (b) 12 per cent. of the Market Value of the Replacement Ship (determined in accordance with the valuation referred to in Schedule 5, Part D, Paragraph 5 of the Loan Agreement) which is to be made available in accordance with and pursuant to Clauses 2.3 and 4.2(g) of the Loan Agreement;
Sample 1
Replacement Ship Advance means an amount of up to the lesser of (a) $9,942,041.56 and (b) 63 per cent. of the Market Value of the Replacement Ship (determined in accordance with the valuation referred to in Schedule 5, Part D, Paragraph 5 of the Loan Agreement) which is to be made available in accordance with and pursuant to Clauses 2.3 and 4.2(g) of the Loan Agreement;
Sample 1

Examples of Replacement Ship Advance in a sentence

  • Two valuations (at the cost of the Borrower) of the Replacement Ship, addressed to the Agent, stated to be for the purpose of this Agreement and dated not earlier than 15 days before the Drawdown Date for the Replacement Ship Advance, each from an Approved Broker.

Related to Replacement Ship Advance

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Equipment Advance is defined in Section 2.1.1.

  • Replacement Liquidity Facility has the meaning set forth in the Intercreditor Agreement.

  • Term Advance has the meaning specified in Section 2.01(a).

  • Replacement Facility means 1 of the following:

  • Applied Downgrade Advance has the meaning assigned to such term in Section 2.06(a).

  • Final Advance means an Advance made pursuant to Section 2.02(d).

  • Replacement Loans has the meaning specified in Section 10.01.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Additional Advance means each additional loan that is made under an RBC Homeline Plan after the initial advance, including any new or additional advances, increases to principal, or further borrowings or extensions of the term, including in the case of any fluctuating account or accounts, revolving loans, or lines of credit, additional segments of such facilities made after the initial advance. They are referred to collectively as Additional Advances.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Tranche A Advance has the meaning specified in Section 2.01(a).

  • Loan Advance The meaning specified in Section 2.2(a).

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Term SOFR Replacement Date has the meaning specified in Section 3.03(b).

  • Unapplied Downgrade Advance means any Downgrade Advance other than an Applied Downgrade Advance.

  • Property Advance means an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Initial Advance means the first Advance made pursuant to Article II.

  • Applied Special Termination Advance has the meaning assigned to such term in Section 2.05.

  • Term SOFR Loan means a Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).